Sou Hu Cai Jing·2025-03-24 06:56Core Viewpoint - The non-ferrous metal industry is experiencing a slight rebound, with several ETFs in this sector showing positive performance despite a general market adjustment in A-shares [1][5]. Group 1: ETF Performance - Multiple non-ferrous metal ETFs recorded gains of over 1.5% in half a day, with the Industrial Non-Ferrous ETF (560860) rising by 1.74% and the Non-Ferrous Metal ETF (512400) achieving a half-day trading volume of 1.45 billion yuan [1][2][10]. - The Industrial Non-Ferrous ETF (560860) has a total scale of 654 million units, with a half-day trading amount of 26.0254 million yuan [5]. - The Non-Ferrous Metal ETF (159871) also saw a half-day increase of 1.71%, with a scale of 97 million units and a trading amount of 7.2124 million yuan [7]. Group 2: Market Dynamics - Since March, the non-ferrous metal industry has shown a continuous rebound, with the Industrial Non-Ferrous ETF (560860) increasing by approximately 10 million units since the beginning of the month [5]. - The overall supply-demand dynamics indicate that domestic policies are stimulating copper demand while limiting new smelting capacity, which supports copper prices [5]. - The approach of the consumption peak season is leading to a recovery in order volumes and operating rates across most sectors, providing strong support for aluminum prices [5]. Group 3: Index Composition - The China Securities Industrial Non-Ferrous Metal Theme Index includes 30 large-cap companies involved in copper, aluminum, lead-zinc, and rare metals, reflecting the overall performance of the sector [5][8]. - The China Securities Non-Ferrous Metal Index selects companies engaged in the mining, smelting, and processing of non-ferrous metals, serving as a benchmark for the sector's performance [8].